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Oil prices steady as U.S.-Iran deal eases Strait of Hormuz tensions, OPEC rejects demand peak forecasts

Market News
18 Jun 2026
CNBC
View Source
Neutral
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Oil prices remained steady with Brent crude at $79.49 and WTI at $76.36 per barrel as markets reacted to the interim U.S.-Iran agreement and signs of resumed shipping through the Strait of Hormuz. Vice President JD Vance noted no Iranian attacks on ships for two nights, indicating compliance with the deal. Meanwhile, OPEC's Secretary General dismissed forecasts of an imminent global oil demand peak and supply glut, focusing instead on current fundamentals. Analysts expect oil prices to trade between $75 and $82 per barrel in the near term, with market caution around the pace of shipping normalization.

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